The spending spree of Chinese internet giants on payment companies continues this week. Adding to a lengthening list of mobile payment company acquisitions, local payment news site Paynews is reporting that Didi will fully acquire 19Pay for RMB 4.3 billion RMB (US$ 622 million), citing people familiar with the matter.

The source added that the deal is still under discussion and Didi is expected to fully take over the company in July or August this year. Didi, for their part, has neither confirmed nor denied the discussions to purchase 19pay.

“Mobility covers a rich diversity of payment scenarios. Didi has kept extensive dialogue with partners in this industry,” said a spokesperson. “We continue to focus on our core transportation business and do not have plans to enter the payment business.”

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.